An operator works alongside robots manufacturing gears at the SEW-Eurodrive production facility in Lyman, S.C., U.S., June 23, 2017.

Bloomberg News

Good morning. U.S. worker productivity rose during the second quarter but showed little sign of breaking out of the sluggish trend that has prevailed for more than a decade, holding back economic growth and living standards, writes WSJ’s Ben Leubsdorf.

Following an “unusually bad” stretch in 2016, “we’re pretty much on track with where we’ve been,” said Martin Baily, a senior fellow at the Brookings Institution in Washington. Nonfarm business-sector productivity rose at a 0.9% seasonally adjusted annual rate in the second quarter compared with the first three months of 2017, up from a 0.1% growth pace in the first quarter.

Rapid productivity gains — seen during the late 1990s and early 2000s — can boost household incomes, economic growth and government tax receipts. By contrast, sluggish productivity gains result in slower economic expansion and stagnant wages.

THE DAY AHEAD

Macy’s Inc. is due to report second-quarter results before the market opens on Thursday. Here’s what to expect.

Options traders are positioning for massive moves in shares of Blue Apron and Snapchat parent Snap Inc. after the two newly public companies report results,writes Gunjan Banerji.

Union members of Hyundai Motor Co. went on a partial strike Thursday following the breakdown of talks with the auto maker’s management over wages and job security, the Korea Herald reports. A second strike is planned for Monday.

Facebook considered scrapping IPO. Executives at Facebook Inc. contemplated scrapping its May 2012 initial public offering amid questions around its revenues, according to testimony in a class-action lawsuit, the Financial Times reports.

Blackstone, Starwood bet to become America’s biggest home landlord. Two of the country’s largest rental-home owners have agreed to merge in a deal that would create a $10.7 billion landlord with roughly 82,000 homes. Blackstone Group LP’s Invitation Homes Inc. and Starwood Waypoint Homes plan to combine in a bid to gain scale and operating efficiencies in markets that include Atlanta, Miami and southern California.

New GE chief delays part of Boston HQ.General Electric Co. has delayed the completion of its new Boston headquarters in an effort to spread out the costs of the $200 million project, as the firm’s new CEO John Flannery looks to cut spending.

Amazon, Tencent back smartphone maker.Essential Products Inc., a smartphone maker founded by the creator of Alphabet Inc.’s Android mobile software, confirmed it has received $300 million in backing from investors that include China’s Tencent Holdings Ltd. and Amazon Inc.’s Alexa Fund.

Altice mulls bid for Charter Communications.Cable and telecommunications group Altice NV is preparing a potential $185 billion bid for Charter Communications Inc., the second largest U.S. cable company, Bloomberg reports.

Wanda makes changes. Dalian Wanda Group Co., the Chinese entertainment and property giant controlled by billionaire Wang Jianlin, is transforming its publicly listed unit in Hong Kong into a business that manages hotels and theme parks in a deal valued at more than $1 billion.

Apple supplier open to foreign lifeline. Embattled Apple Inc. supplier Japan Display Inc. said it wouldn’t rule out a partnership with a Chinese or Taiwanese company to survive—a departure from its original aim of being Japan’s national champion in the display business.

Lego replaces CEO after eight months. Danish toymaker Lego A/S has replaced its chief executive after just eight months in the job, appointing a younger leader with digital experience, as it positions itself for growth with the next generation of toys. The company does not intend to exchange its finance chief Marjorie Lao, a spokesman said.

SEC delays decision on sale of Chicago Stock Exchange. The U.S. Securities and Exchange Commission on Wednesday postponed a decision on whether to approve the heavily scrutinized sale of the Chicago Stock Exchange to a group led by Chinese investors, despite a recommendation from its staff to certify the deal.

U.S. Labor Department seeks delay in fiduciary rule.The U.S. Labor Department is proposing to delay the fiduciary rule’s compliance deadline by 18 months, a move that experts say suggests the retirement-savings rule will emerge from a re-evaluation with significant revisions.

Canadian private-equity giant accused of fraud.Authorities are looking into complaints from whistleblowers who say Catalyst Capital Group Inc. and its publicly traded lending arm artificially inflated the value of some of its assets and deceived borrowers about the terms of loans.

EARNINGS

One of Glencore’s open pit copper mines at Mutanda Mining Sarl in the Democractic Republic of Congo, June 6, 2016.

Travel booking sites cut revenue forecasts.Priceline Group Inc., which makes money through customers booking on its sites, cut forecasts for growth in hotel bookings while TripAdvisor Inc., which largely relies on online advertising associated with its hotel listings, said revenue growth would slow.

Toshiba finally reports earnings. Toshiba Corp. has met a deadline to report its long-awaited earnings results, lowering the risk that the firm will be delisted from the Tokyo Stock Exchange, the BBC reports. Toshiba posted a loss of $8.8 billion for the past fiscal year.

CFO MOVES

Pier 1 Imports Inc., a Fort Worth, Tex. retailer, said finance chief Jeffrey Boyer will depart the company effective Oct. 3, to become CFO at Fossil Group Inc. Mr. Boyer has served on the board of directors at Fossil since 2007.

The Morning Ledger from CFO Journal cues up the most important news in corporate finance every weekday morning. Nina Trentmann contributed to today’s Ledger. Send tips, suggestions and complaints to the editor: kimberly.johnson@wsj.com.